GOOGLE ANALYTICS

Tuesday, February 20, 2018

We
cannot trust on Banking audit, we cannot trust on corporate audit, we cannot trust
on Tax audit. Well before I get on the subject I have an interesting perspective
to share. Thanks to those who lobby ed against
the ICWAI profession over the last 2 decades and only gave exclusivity to the
Chartered Accountants in Corporate India.
Since due their hard work of Lobby ICWAI did not get involved into any
such malpractices. People ask me which
product gives highest return. Well my 15 years of knowledge have come to end when
I discovered that the fastest way of making million sis not by investing but
the other way around.

Want to make Millions is short time then please form a
company, bribe bankers, auditors and credit analyst and take a bank loan and
later on default. The PNB matter and prior to this Global Trust Bank and many
small other banks which got merged into SBI have shows the true picture of the
Indian corruption created by professionals.
The surprising part is that concurrent audit and other metrics have lead
to an significant failure of the system where the next phase of economic growth
will take hit. Those who have clean books will face the heat of the stringent norms
created by the blessings of the defaulters like the recent one. Every company bribes
its Chartered Accountants and their network to get credit off take from the
banking industry.

We
cannot trust on Banking audit, we cannot trust on corporate audit, we cannot trust
on Tax audit. All of them have been
ruled over the last 2 decades by the Chartered Accountants only. The biggest
scam creators are those people who were in the lobby of all areas depriving the
ICWAI profession and giving more strength to the chartered Accountants. Well
the proof of the lobby strength was that ICWAI have to fight for every
opportunity in financial and accounting segment whereas Chartered Accountants got
everything easily without much trouble. Many of the veterans of the lobby have
dies or few are just still living with one closed eye. The biggest gift to the
lobby people who worked against the ICWAI profession in making their task and journey
difficult and depriving them for rights equivalent to Chartered Accountants is
that their retirement savings earned hard by lobbying are no longer safe in the banks where they
have parked money.

Cost
Accountants have been asking for a long time to get opportunity of full and equivalent
rights of Chartered Accountants in the banking industry but nope they were
never given. In fact inside lobby was also there in the last 2 decades within
the all the segment of getting ICWAI outside of the ambit of banking industry. Cost
Accountants presented many papers many memos to different government at
different times but a corrupt lobby kept the ICWAI profession just outside the
banking industry just like an office bearer sitting outside an office. If full
rights were given to the profession about a decade ago then Banking Industry
would not have failed so bitterly.

When
an economy grows significantly multiple professionals are deployed to keep a
tab on the audit aspect of such growth. Well we are always on one side –Chartered
Accountants. Only CA knows everything
about banking audit to company audit and many more grey areas. Well if one
profession is given so much leeway then corruption, malpractices, internal
lobby and many more such things are bound to happen.

ICWAI
is also set up under the Act of Parliament then why this profession have been
neglected and why did the previous government did not gave full rights to the
profession. Those from all corners were
involved in the lobby of depriving the Institute and working in favour of the
Chartered Institute should be rewarded as they have pulled down the Indian
economic growth images. Surprising part is that Auditors and all financial forensic
have cooked the games so beautifully that no one ever came to know about such
scams. We are struggling with economic driven NPA at the same time willful
defaulters have emerged to be big number. The taxpayer’s money will now be
ploughed back by the government from the price hike and revenue hike targets.
Fiscal deficit and FRBM management will go for wild toss in the coming years. The credit off take just began in the last
quarter is now way towards sliding down. SME segment will struggle and banks
will now be more vigilant to refuse cases for funding. Expansion plans which
are of genuine quality will take slowdown and economic growth will be under
pressure. It’s not the point who created the NPA under which regime. The point
is that the government did not deploy multiple vigilance during the expansion of
the economic growth.

Very
recently India got the title of improving the ease of doing business but a
series of corruptions being opened up, reflects that very soon overseas
investors would be skeptical to invest in such corporate corruption driven
system.

Thanks
to those lobby people who deprived the rights of the ICWAI. In fact they saved
us for Nobel cause and its being found that Nobel time has arrived and now the government
should give equal rights like Chartered Accountants and give the definition of
ICWAI profession the same rights with no tweaking. Since tweaking will create
problem for the Indian economy in the coming decades.

The
final point is when government will give equal rights to the Cost Accountant
profession like Chartred Accountants. Are we waiting for Lehmen Brothers to happen
in India.

About Me

I am a economic,financial writer and research analyst. I am an Economist |Editor | Author | Columnist | Speaker|Strategist|. Digging out facts and making indepth analysis of financial matters is my life work.I love discussing and making financial strategies to meet the financial objectives of the life.At the same time I am an avid reader. Books are my passion. No matter how busy I am, I always manage to find time for reading. I also enjoy cooking good food, Hindi music & a good cup of coffee.One of my personal traits I am most proud of is being creative and artistic.

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